At least four consecutive contract months (three serial expirations and one quarterly expiration) plus the next two months in the March, June, September, and December quarterly cycle. Serials will exercise into the first nearby quarterly futures contract. Quarterlies will exercise into futures contracts of the same delivery period.

Termination Of Trading

Mid-Curve

The last Friday which precedes by at least two business days the last business day of the month preceding the option month. Trading in expiring options ceases at the close of the regular CME Globex trading session for the corresponding futures contract.

Default:

Unexercised options shall expire at 7:00 p.m. on the last trading day.

Strike prices will be listed in increments of one-half of one point for the nearest monthly (serial or quarterly) expiration. The minimum strike price range will include the at-the-money strike price closest to the current futures price plus the next sixty (60) consecutive higher and the next sixty (60) consecutive lower strike prices. For all other months, strike prices will be listed in increments of one point. The minimum strike price range will include the at-the-money strike price closest to the current futures price plus the next thirty (30) consecutive higher and the next thirty (30) consecutive lower strike prices.

Exercise Style

American-style. The buyer of an option may exercise the option on any business day prior to expiration by giving notice to CME Clearing by 6:00 p.m. Options that expire in-the-money after the close on the last trading day are automatically exercised, unless specific instructions are given to CME Clearing by 6:00 p.m.

Unexercised options shall expire at 7:00 p.m. CT on the last trading day

Mid-Curve

A given Friday that is not also the last trading day of a monthly serial or quarterly Treasury option. If such a Friday is the last trading day of a monthly serial or quarterly Treasury option, there will be no Weekly Treasury option listed for trading for that expiration date.

Strike prices will be listed in increments of one-half of one point for all weekly expirations. The minimum strike price range will include the at-the-money strike price closest to the current futures price plus the next sixty (60) consecutive higher and the next sixty (60) consecutive lower strike prices.

Exercise Style

American-style. The buyer of an option may exercise the option on any business day prior to expiration by giving notice to CME Clearing by 6:00 p.m., CT. Options that expire in-the-money on the last trading day are automatically exercised, unless specific instructions are given to CME Clearing.

Settlement Method

Deliverable

Underlying

U.S. Treasury Bond Futures

Contract Unit

One (1) U.S. Treasury Bond Future (US).

Minimum Price Fluctuation

1/64th of a point ($15.625 per contract), rounded to the nearest cent/contract.For cabinet transactions only, minimum tick sizes range from $1.00 to $15.00, in $1.00 increments per option contract.

For a given Wednesday Weekly option contract, the last day of trading shall be the Wednesday on which such option is designated to expire. If such Wednesday is not a business day, then the last day of trading in such option shall be the first business day preceding such Wednesday. On its last day of trading, trading in such option shall terminate at 2:00 p.m. CT.

Strike prices will be listed in increments of one-half of one point. The minimum strike price range will include the at-the-money strike price closest to the current futures price plus the next sixty consecutive higher and the next sixty consecutive lower strike prices.

Exercise Style

American Style: The buyer of an option may exercise the option on any business day prior to expiration by giving notice to CME Clearing by 6:00 p.m. CT. Following termination of trading, options that expire in‐the‐money are automatically exercised into underlying futures, with no allowance for contrary instruction. Automatic exercise is determined in relation to the daily settlement price of the option’s underlying futures contract.

Settlement Method

Deliverable

Underlying

U.S. Treasury Bond Futures

Welcome to U.S. Treasury Futures

Whether you are a new trader looking to get started in futures, or an experienced trader looking for a more efficient way to trade the U.S. government bond market, look no further than U.S. Treasury futures.

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CME Group is the world's leading and most diverse derivatives marketplace. The company is comprised of four Designated Contract Markets (DCMs). Further information on each exchange's rules and product listings can be found by clicking on the links to CME, CBOT, NYMEX and COMEX.